EX-10.5



 Exhibit 10.5 

SMART ABS SERIES 20[●]-[●]US TRUST 

REGULATION AB COMPLIANCE AGREEMENT 

MACQUARIE LEASING PTY LIMITED 

ABN 38 002 674 982 

MACQUARIE BANK LIMITED 

ABN 46 008 583 542 

[●] 

ABN [●] 

[●] 

ABN [●] 

MACQUARIE SECURITIES MANAGEMENT PTY LIMITED 

ABN 26 003 435 443 

PERPETUAL TRUSTEE COMPANY LIMITED 

ABN 42 000 001 007 

[●] 
  





 







 CONTENTS 
  

 

							
	Clause	  	 	  	Page	 
	1.	  	Definitions and Interpretation	  	 	2	  
	2.	  	SEC Reporting Requirements	  	 	3	  
	3.	  	Compliance with Regulation AB	  	 	3	  
	4.	  	Limitation of liability	  	 	4	  
	5.	  	Miscellaneous	  	 	4	  


  
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 THIS AGREEMENT is made at Sydney on [●] 20[●] 

PARTIES: 
  

	(1)	MACQUARIE LEASING PTY LIMITED ABN 38 002 674 982 of Level 6, 50 Martin Place, Sydney, NSW 2000 (MLPL, the Seller and the Servicer). 


 

	(2)	MACQUARIE BANK LIMITED ABN 46 008 583 542 of Level 1, 50 Martin Place, Sydney, NSW 2000 (MBL). 

  

	(3)	[●] ABN [●] of [●] (Fixed Rate Swap Provider) 

  

	(4)	[●] ABN [●] of [●] (Currency Swap Provider). 

  

	(5)	MACQUARIE SECURITIES MANAGEMENT PTY LIMITED ABN 26 003 435 443 of Level 1, 50 Martin Place, Sydney, NSW 2000 (the Manager). 


 

	(6)	PERPETUAL TRUSTEE COMPANY LIMITED ABN 42 000 001 007 in its capacity as trustee of the Series Trust of Level 12, Angel Place, 123 Pitt Street, Sydney, NSW 2000 (the Trustee). 


 

	(7)	[●], of [●] (the US$ Note Trustee, the Principal Paying Agent, the US$ Note Registrar and the Agent Bank). 


BACKGROUND: 
  

	(A)	This Agreement relates to the SMART ABS Series 20[●]-[●]US Trust constituted pursuant to the Master Trust Deed and the Trust Creation Deed. 


 

	(B)	The parties are entering into this Agreement for the purpose of ensuring that certain rights and obligations set out in certain other Transaction Documents referred to herein are binding upon, and enforceable by,
certain parties which are not privy to those other Transaction Documents. 

 OPERATIVE PROVISIONS 

 

	1.	DEFINITIONS AND INTERPRETATION 

  

	1.1	Definitions 

 In this Agreement, unless the contrary intention appears: 

Deed of Assumption means the Deed of Assumption dated 27 February 2007 between Macquarie Securities Management Pty Limited ABN 26
003 435 443 and Perpetual Trustee Company Limited ABN 42 000 001 007. 
 Master Trust Deed means the Master Trust Deed dated
11 March 2002 between the Manager and Permanent Custodians Limited ACN 001 426 384, the rights and obligations of which were assumed by Perpetual Trustee Company Limited ACN 000 001 007 pursuant to the Deed of Assumption, as amended and
supplemented from time to time. 
 Series Supplement means the Series Supplement relating to the Series Trust, dated on or
about the date of this Agreement between the Trustee, the Manager, MBL and MLPL. 
 Series Trust means the trust known as SMART
ABS Series 20[●]-[●]US Trust established pursuant to the Master Trust Deed and the Trust Creation Deed. 

  
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 Swap Provider means each of the Currency Swap Provider and the Fixed Rate Swap
Provider. 
 Trust Creation Deed means the Trust Creation Deed dated [●] executed by Perpetual Trustee Company Limited in
accordance with the Master Trust Deed, as amended and supplemented from time to time. 
  

	1.2	Interpretation 

 Clause 1.2 of the Series Supplement is incorporated into this Agreement
as if set out here in full with any necessary amendments to clause references and references to other documents. 
  

	1.3	Series Supplement definitions 

 Unless defined in this Agreement, words and phrases
defined (including by incorporation from, or by reference to, another document) in the Series Supplement have the same meaning in this Agreement. Where there is any inconsistency in a definition between this Agreement (on the one hand) and the
Series Supplement (on the other hand), this Agreement prevails. 
  

	1.4	Transaction Document 

 This Agreement is a Transaction Document in relation to the Series
Trust. 
  

	2.	SEC REPORTING REQUIREMENTS 

 The Manager undertakes, in favour of each of the US$ Note
Trustee and the Principal Paying Agent, to comply with all reporting and other obligations imposed upon it by clause 16.3 of the Series Supplement. 
  

	3.	COMPLIANCE WITH REGULATION AB 

  

	 	(a)	(Series Supplement): Notwithstanding that it may not be a signatory to the Series Supplement, each party to this Agreement (other than MBL or any Swap Provider) acknowledges and agrees with each other party to
this Agreement (other than MBL or any Swap Provider) that it is bound by, and may enforce, the terms of clause 16.3 and 16.4 of the Series Supplement to the extent that the terms of those clauses purport to apply to it. 


 

	 	(b)	(Agency Agreement): Notwithstanding that it may not be a signatory to the Agency Agreement, each party to this Agreement (other than MBL or any Swap Provider) acknowledges and agrees with each other party to this
Agreement (other than MBL or any Swap Provider) that it is bound by, and may enforce, the terms of clause 16.15 of the Agency Agreement to the extent that the terms of that clause purport to apply to it. 


 

	 	(c)	(Currency Swap Agreement): Notwithstanding that MLPL may not be a signatory to the Currency Swap Agreement, each of MLPL and the Currency Swap Provider acknowledges and agrees with each other that: 


  

	 	(i)    (A)	MLPL is bound by the terms of Part 5(29) of the Currency Swap Agreement to the extent that the terms of that Part purport to apply to MLPL, and MLPL may enforce the terms of Part 5(29) of the Currency Swap Agreement
against the Currency Swap Provider to the extent that the terms of that Part purport to impose obligations on the Currency Swap Provider for the benefit of MLPL; and 


  
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	 	(B)	the Currency Swap Provider is bound by the terms of Part 5(29) of the Currency Swap Agreement to the extent that the terms of that Part purport to apply to the Currency Swap Provider, and the Currency Swap Provider may
enforce the terms of Part 5(29) of the Currency Swap Agreement against MLPL to the extent that the terms of that Part purport to impose obligations on MLPL for the benefit of the Currency Swap Provider; and 


 

	 	(ii)	MLPL may require, for its own benefit, performance by the Currency Swap Provider of any obligations imposed upon the Currency Swap Provider under Sections 4(a)(i) and (ii) and Part 3 of the Currency Swap Agreement
which, pursuant to their terms, are obligations imposed for the benefit of the Manager or the Trustee. 

  

	 	(d)	(Fixed Rate Swap Agreement): Notwithstanding that MLPL may not be a signatory to the Fixed Rate Swap Agreement, each of MLPL and the Fixed Rate Swap Provider acknowledges and agrees with each other that: 


  

	 	(i)    (A)	MLPL is bound by the terms of Part 5.B(13) of the Fixed Swap Agreement to the extent that the terms of that Part purport to apply to MLPL, and MLPL may enforce the terms of Part 5.B(13) of the Fixed Swap Agreement
against the Fixed Rate Swap Provider to the extent that the terms of that Part purport to impose obligations on the Fixed Rate Swap Provider for the benefit of MLPL; and 


 

	 	(B)	the Fixed Rate Swap Provider is bound by the terms of Part 5.B(13) of the Fixed Rate Swap Agreement to the extent that the terms of that Part purport to apply to the Fixed Rate Swap Provider, and the Fixed Rate Swap
Provider may enforce the terms of Part 5.B(13) of the Fixed Rate Swap Agreement against MLPL to the extent that the terms of that Part purport to impose obligations on MLPL for the benefit of the Fixed Rate Swap Provider; and 


 

	 	(ii)	MLPL may require, for its own benefit, performance by the Fixed Rate Swap Provider of any obligations imposed upon the Fixed Rate Swap Provider under Sections 4(a)(i) and (ii) and Part 3 of the Fixed Rate Swap
Agreement which, pursuant to their terms, are obligations imposed for the benefit of the Manager or the Trustee. 

  

	4.	LIMITATION OF LIABILITY 

  

	4.1	Trustee’s limitation of liability 

 Clause 17 of the Series Supplement is
incorporated into this Agreement as if set out here in full with any necessary changes to clause references and document references. 
  

	4.2	US$ Note Trustee’s limitation of liability 

 Clause 8.3 of the US$ Note Trust Deed
is incorporated into this Agreement as if set out here in full with any necessary changes to clause references and document references. 
  

	5.	MISCELLANEOUS 

  

	5.1	No obligation between certain parties 

 Notwithstanding any other provision of this
Agreement but without limiting any other Transaction Document, nothing in this Agreement gives rise to any obligation or liability on the part of: 
  

	 	(a)	the US$ Note Trustee, the Principal Paying Agent, the US$ Note Registrar or the Agent Bank in favour of MBL or any Swap Provider; or 


  
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	 	(b)	MBL or any Swap Provider in favour of the US$ Note Trustee, the Principal Paying Agent, the US$ Note Registrar or the Agent Bank. 

  

	5.2	Amendments 

 This Agreement may be amended only by written agreement between all parties
to this Agreement, provided that the Manager and the Trustee may only agree to such amendment in accordance with the provisions of clause 25 of the Master Trust Deed and for this purpose references in that clause to a Series Supplement will be taken
to be references to this Agreement. 
  

	5.3	Governing Law 

 This Agreement is governed by the laws of the Australian Capital
Territory. 
  

	5.4	Jurisdiction 

  

	 	(a)	(Submission to jurisdiction): Each party to this Agreement irrevocably submits to and accepts, generally and unconditionally, the non-exclusive jurisdiction of the courts and appellate courts of the Australian
Capital Territory with respect to any legal action or proceedings which may be brought at any time relating in any way to this Agreement. 

  

	 	(b)	(Waiver of inconvenient forum): Each party to this Agreement irrevocably waives any objection it may now or in the future have to the venue of any such action or proceedings and any claim it may now or in the
future have that any such action or proceeding has been brought in an inconvenient forum. 

  

	5.5	Severability of Provisions 

 In the event that any provision of this Agreement is
prohibited or unenforceable in any jurisdiction such provision will, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions of this Agreement or affecting the
validity or enforceability of such provision in any other jurisdiction. 
  

	5.6	Counterparts 

 This Agreement may be executed in any number of counterparts and all of
such counterparts taken together will be deemed to constitute one and the same instrument. 

  
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 SIGNATORIES 

EXECUTED as a DEED. 
  

					
	SIGNED SEALED and DELIVERED for and on behalf of MACQUARIE LEASING PTY LIMITED
ABN 38 002 674 982 by	 		 	
	and	 		 	
	its Attorneys under a Power of Attorney	 		 	
	dated	 		 	 
	and each Attorney declares that he or she has not received any notice of the revocation of such Power of Attorney in the presence of:	 		 	Signature of Attorney
	   
	 		 	   

	Signature of Witness	 		 	Signature of Attorney
	   
	 		 	  

	Name of Witness in full	 		 	
			
	SIGNED SEALED and DELIVERED for and on behalf of MACQUARIE BANK LIMITED ABN 46 008 583 542 by	 		 	
	and	 		 	
	its Attorneys under a Power of Attorney	 		 	Signature of Attorney
	dated	 		 	
	and each Attorney declares that he or she has not received any notice of the revocation of such Power of Attorney in the presence of:	 		 	
	   
	 		 	   

	Signature of Witness	 		 	Signature of Attorney
	   
	 		 	  

	Name of Witness in full	 		 	


  
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	SIGNED SEALED and DELIVERED for and on behalf of [●]ABN [●]	 		 	
	by its Attorney under a Power of Attorney	 		 	
	dated	 		 	
	and its Attorney declares that he or she has not received any notice of the revocation of such Power of Attorney in the presence of:	 		 	
	   
	 		 	   

	Signature of Witness	 		 	Signature of Attorney
	   
	 		 	   

	Name of Witness in full	 		 	Name of Attorney in full
			
	 SIGNED SEALED and DELIVERED for and on behalf of [●]ABN [●]

by its Attorney under a Power of Attorney
 dated

and its Attorney declares that he or she has not received any notice of the revocation of such Power of Attorney in the presence of:
	 		 	
	   
	 		 	   

	Signature of Witness	 		 	Signature of Attorney
	   
	 		 	   

	Name of Witness in full	 		 	Name of Attorney in full


  
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	SIGNED SEALED and DELIVERED for and on behalf of MACQUARIE SECURITIES MANAGEMENT PTY LIMITED ABN 26 003 435 443	 		 	
	by	 		 	
	and	 		 	
	its Attorneys under a Power of Attorney	 		 	Signature of Attorney
	dated	 		 	
	and each Attorney declares that he or she has not received any notice of the revocation of such Power of Attorney in the presence of:	 		 	
	   
	 		 	   

	Signature of Witness	 		 	Signature of Attorney
	   
	 		 	  

	Name of Witness in full	 		 	
			
	SIGNED SEALED and DELIVERED for and on behalf of PERPETUAL TRUSTEE COMPANY LIMITED
ABN 42 000 001 007 by	 		 	
	and	 		 	
	its Attorneys under a Power of Attorney	 		 	
	dated	 		 	 
	and each Attorney declares that he or she has not received any notice of the revocation of such Power of Attorney in the presence of:	 		 	Signature of Attorney
	   
	 		 	   

	Signature of Witness	 		 	Signature of Attorney
	   
	 		 	  

	Name of Witness in full	 		 	


  
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	SIGNED SEALED and DELIVERED for and on behalf of [●] by	 		 	
	its Authorised Signatory	 		 	
	and the Authorised Signatory declares that he or she has not received any notice of the revocation of his or her authority to sign, in the presence of:	 		 	
	   
	 		 	   

	Signature of Witness	 		 	Signature of Authorised Signatory
	   
	 		 	   

	Name of Witness in full	 		 	Name of Authorised Signatory in full


  
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